Your cover is provided by Kiwi Insurance Limited, who’ll cover the outstanding balance on your insured Kiwibank Credit Card (up to $30,000) if you:
- suffer illness or accidental injury
- become permanently disabled
- are made redundant (if employed)
- are declared bankrupt (if self-employed).
If you die, we’ll pay the total outstanding balance on your card, up to $40,000.
You only pay for the protection you need - if your balance is zero on your monthly statement date, you pay nothing that month.
If you have a joint account, your partner is automatically covered for free.
How it works
|If you suffer . . .||We’ll pay . . .|
|Sickness or accidental injury causing temporary disablement||15% of the outstanding balance on your insured card, paid monthly for up to 18 months, up to a maximum of $30,000|
|Permanent disablement||The total outstanding balance on your insured card, up to a maximum of $30,000|
|Critical illness||The total outstanding balance on your insured card, up to a maximum of $30,000|
|Redundancy (if you’re employed)||15% of the outstanding balance on your insured card paid monthly for up to seven months or until you return to work, up to a maximum of $30,000. You are not covered for the benefit If you’re self-employed|
|Bankruptcy (if you’re self-employed)||The total outstanding balance on your insured card, up to a maximum of $30,000|
|Death||The total outstanding balance on your insured card, up to a maximum of $40,000|
Please note: The amount paid is based on the outstanding balance on your insured credit card account as defined in the Credit Card Repayment Insurance Policy Wording (PDF 544.2 KB).
How much will it cost for new credit card customers?
How much you’ll pay depends on your closing balance in your monthly credit card statement. For each credit card statement period you’ll pay 75 cents for every $100 (or part thereof) of the closing balance set out in your statement.
For example, if the closing balance in your monthly statement is $1,200, your credit card repayment insurance will cost you $9 for that month. If your closing balance is zero, you won't pay anything for that month.
If you have a joint card, your partner is covered too - at no extra cost.
Your premiums are charged to your credit card each month - there's no need to set up any extra payments.
You can get cover without any medical tests if you are:
- the primary cardholder of a Kiwibank Credit Card (the joint cardholder can be covered automatically for free)
- aged between 18 and 65.
Your cover for all benefits ends when you turn 65, except for death cover which ends at 75.
Please note that any pre-existing medical conditions won't be covered, and some limitations and exclusions apply - for example, cardholders who aren't working, or who work less than 25 hours a week, are only covered for the critical illness and death benefits.
Full policy details
Fill in the insurance section when you apply for a Kiwibank Credit Card online.
You’ll have 30 days to consider the policy. If you decide it isn't right for you, you can cancel it and any premiums you’ve paid will be refunded.
We highly recommend you read our Credit Card Repayment Insurance fact sheet (PDF 806.3 KB). It provides valuable information, that can help you decide what’s right for you.
Make a claim
To make a claim, call us on 0800 222 491. We're available 8.30am to 5pm, Monday to Friday.
Credit Card Repayment Insurance is provided by Kiwi Insurance Limited. Kiwi Insurance Limited is a related party of Kiwibank Limited. Kiwi Insurance Limited is the only organisation responsible for claims under the policy. If you arrange your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any products issued by, Kiwi Insurance Limited. Kiwibank Limited may receive a commission on any insurance it arranges. Important terms, conditions and exclusions are set out in the Credit Card Repayment Insurance policy wording (PDF 544.2 KB).
View information about Kiwi Insurance Limited's financial strength rating and solvency margin.
“We”, “us”, or “our” means Kiwi Insurance Limited.
Credit Card Repayment Insurance before 10 April 2011
If you already have Kiwibank Credit Card Repayment Insurance and your policy was issued before 10 April 2011, your policy will have been provided by Cigna Life Insurance New Zealand Limited. You’ll need to refer to the legal documents archive for full details, terms, important conditions and exclusions.
Cigna Life Insurance New Zealand Limited is the only organisation responsible for claims under this policy. If you arranged your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any product issued by, Cigna Life Insurance New Zealand Limited.
View information about Cigna's financial strength rating and solvency margin on their website at cigna.co.nz.
Kiwibank and Kiwi Insurance Limited hold no responsibility for the content on third party websites and make no representations as to the accuracy of the information provided on those websites.